[Originally published: June 16, 2020 ]
[Last updated: June 22, 2020 ]
According to the most recent federal report, nearly 43 million Americans have filed for unemployment during the pandemic. That’s a staggering figure representing millions of individuals and families who undoubtedly face financial uncertainty.
This month marks National Homeownership Month. While the prospect of purchasing a new home this June may be out of reach for millions of Americans, the mortgage lending and title industries still work to protect existing home ownership and provide financial stability to homeowners across America.
Title agents and mortgage lenders can help deliver stability by helping homeowners understand their options during coronavirus including mortgage forbearance programs and refinancing options. Title & mortgage lending professionals can also help their clients avoid costly mortgage loan modification scams which have exploded in growth during COVID-19.
We’ve compiled a list of resources you can provide your clients to help them navigate their options during COVID-19 and educate themselves on potential threats.
CARES Act forbearance program information
- HousingWire: Forbearance FAQ (created in partnership with Freddie Mac)
- CSBS: Consumer Relief Guide + Your Right To Mortgage Relief Under The CARES Act
- Consumer Financial Protection Bureau (CFPB): Cares Act Mortgage Forbearance: What You Need To Know
- Fannie Mae: loan lookup tool to determine if you’re eligible for mortgage forbearance and protection from foreclosure
- Freddie Mac: loan lookup tool similar to Fannie Mae’s
Information on refinancing
- Nerd Wallet: When To Refinance A Mortgage Loan
- Zillow: Refinancing Calculator
- Business Insider: 4 Financial Experts Weigh In On Why You Would — And Why You Wouldn’t — Want To Refinance Your Mortgage Right Now
- Nerd Wallet: What Coronavirus Means for Mortgage Rates and Your Home Loan
Information about coronavirus mortgage scams
- CFPB: What Are Mortgage Loan Modification Scams?
- Federal Trade Commission: Coronavirus and Your Mortgage
- Forbes: Avoid Getting Caught Up In Coronavirus Scams Involving Your Mortgage
We invite you to share these resources with your clients. During the last recession in 2008, the housing market was held partially responsible for the economic crash. This time, the real estate industry may be a driver of economic recovery and security for millions of Americans. Let’s do our part to protect homeownership and keep consumers informed.